I reside in Oregon and own a home in Oregon. My late husband

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I reside in Oregon and own a home in Oregon. My late husband and I owned this home as an estate by entirety. What would be the tax consequences for me if I sell this home? I read somewhere that there would be none if home value is below $500.000 and if I sell it during two years of his death.

I don't know the amount the house was purchased for back in 80's. The only improvement was the new roof I put up, that cost about $16,000. According to the property tax statement the house value is about $350.000. What I would like to know if it is the truth that I would be able to exclude gains of up to $500.000 in Oregon

Megan C :

Yes, it's true that you can exclude up to $500,000 in gains in Oregon provided that you sell the house within 2 years of your husband's death. You can find your purchase price at your local office that holds real estate deeds - they will have a record of it.

Megan C :

And you can add $16,000 to whatever it cost to purchase the home.

JACUSTOMER-daz0kv82- :

Thank you Megan. I am relieved by this information. I appreciate your help

Megan C :

You're welcome. If you would, please rate my response as "Excellent" so that I may receive credit for assisting you today

Megan C :

You can rate using the feature located along the bottom of your screen

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with. OrvilleHesperia, California

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